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Halverson Group: Six Factors That Drive Every Consumer Choice
- 1. The six factors that drive every consumer choice
- 2. 2 Decision Dynamics Some decisions are easy. Some are painstakingly hard. The rest fall somewhere in between. Where do your category and brand fit in? Knowing will allow you to influence the consumer decision. Halverson Group can help you find out. 2
- 3. 3 Decision Dynamics But first, a few words about why understanding decision dynamics is so important. 3
- 4. 4 Decision Dynamics The way people make decisions impacts their path to purchase. And understanding the moods and motivations behind people’s choices leads to smarter segmentation. How do we know? We did the research. 4
- 5. 5 Decision Dynamics 1. The EFFORT put in 2. The role of HEAD versus HEART 3. The COMPLEXITY of the decision 4. The RISK of a wrong decision 5. Whether the goal is to stay or get out of your COMFORT ZONE 6. The amount ENJOYMENT you get out of the process We crunched our R&D data to identify the six factors that drive every decision.
- 6. 6 Decision Dynamics High Effort Low Effort Open to Change Routine High Reward Low Reward HeartHead Low Risk High Risk Complex Simple Then, we mapped these six factors— Effort, Complexity, Risk, etc.—to create a simple framework that illustrates how people organize decisions in their minds. “I’m going to give this a try —if it doesn’t work out, no big deal.” “This is so exciting. I can’t stop talking about it!” “The stakes are high. I don’t want to screw this up.” “I’m fine with doing what I always do— not going to overthink this.”
- 7. 7 Decision Dynamics High Effort Low Effort Open to Change Routine High Reward Low Reward HeartHead Low Risk High Risk Complex Simple Televisions Cable TV Services Car Insurance Vacations Streaming Music Services Jeans Movie Tickets Chewing Gum Beer Ground Coffee Facial Tissue Glass/Window Cleaner We then classified how people feel about particular purchases, from car insurance to chewing gum. “I’m going to give this a try —if it doesn’t work out, no big deal.” “This is so exciting. I can’t stop talking about it!” “The stakes are high. I don’t want to screw this up.” “I’m fine with doing what I always do— not going to overthink this.”
- 8. 8 Decision Dynamics High Effort Low Effort Open to Change Routine High Reward Low Reward HeartHead Low Risk High Risk Complex Simple Televisions Cable TV Services Car Insurance Vacations Streaming Music Services Jeans Movie Tickets Chewing Gum Beer Ground Coffee Facial Tissue Glass/Window Cleaner Because how people feel predicts touch- point engagement. And understanding how people feel is key to delivering the right message at the right time. High heart + low-effort = more likely to tell a friend than post to social High effort + high heart = more social media posts post- purchase High effort + high head = actively seeking expert advice online Low effort + low head = might be swayed by a coupon
- 9. 9 Decision Dynamics High Effort Low Effort Open to Change Routine High Reward Low Reward HeartHead Low Risk High Risk Complex Simple Televisions Cable TV Services Car Insurance Vacations Streaming Music Services Jeans Movie Tickets Chewing Gum Beer Ground Coffee Facial Tissue Glass/Window Cleaner How people feel about a decision also predicts the time spent on their journey. 9 days on average 26 days on average
- 10. 10 Decision Dynamics High Effort Low Effort Open to Change Routine High Reward Low Reward HeartHead Low Risk High Risk Complex Simple Televisions Cable TV Services Car Insurance Vacations Streaming Music Services Jeans Movie Tickets Chewing Gum Beer Ground Coffee Facial Tissue Glass/Window Cleaner Higher-effort decisions lead to longer journeys, but the “heart” further intensifies the engagement, resulting in more behaviors. 23 behaviors 63 behaviors37 behaviors 15 behaviors
- 11. 11 Decision Dynamics DECISION DYNAMICS 11 By making sense of how people make decisions, we are able to clarify a confusing omnichannel world for our clients. Our research has allowed us to help brands: • Classify consumers’ intensity about certain decisions! • Prioritize touch-points with the greatest ROI! • Create a blueprint for success! 11
- 12. 12 Decision Dynamics Our deep understanding of decision dynamics informs two of our client offerings: Jobs to Be Won™ (our unique approach to segmentation) Choices™ (our unique approach to journey mapping)
- 13. 13 Decision Dynamics By asking (and answering) “Why?” we are able to fuel winning strategies for our clients. 13
- 14. 14 Decision Dynamics Interested in learning more? We’d love to hear from you. 708.524.8080 contact@halversongroup.com 14